Albany, NY, July 20, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new report titled "Barite Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023." According to the report, the global barite market was valued at US$ 1.11 Bn in 2014 and is likely to reach US$ 1.84 Bn in 2023, expanding at a CAGR of 5.8% between 2015 and 2023.
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Barite is a colorless mineral, primarily comprising barium sulfate with few impurities. It is the primary source of barium. Barite is used in industries such as oil and gas and chemicals. It is also employed in electronics, medical, automotive, rubber, and paint industries. Barite is an important component of drilling fluids that are used in the crude oil drilling process in the oil and gas industry. It is used as a weighting agent in drilling fluids to inhibit overflow and suppress high formation pressure during the drilling process due to its high specific gravity.
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Rise in exploration and production activities in the oil and gas industry is estimated to drive the barite market in the near future. Barite forms an indispensable component of drilling fluid. It is used in drilling as well as completion process of oil and gas production. Barite elevates the hydrostatic pressure of drilling mud, enabling it to offset the high-pressure zones encountered during drilling. Specific gravity of barite is highly important in the drilling process; hence, drilling grade barite is offered by manufacturers. However, availability of substitutes such as itabirite, celestite, illmenite, and hematite is likely to hamper the barite market. Potential application of barite in various industries is projected to provide immense opportunities to market players in the near future.
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In terms of volume, oil and gas application accounted for the largest share of the global barite market in 2014. The segment held over 80% share of the barite market in 2014. It is also anticipated to be the fastest growing application segment in the near future. Chemicals constituted the second-largest share of the global barite market in 2014. The segment is estimated to expand at a moderate rate in the next few years. Others application segment that includes medical, electronics, and rubber is expected to exhibit sluggish growth rate during the forecast period.
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In terms of volume, North America dominated the global barite market, accounting for more than 40% share in 2014. The region was followed by Asia Pacific and Europe. Demand for barite in Middle East & Africa and Latin America is likely to increase at a moderate rate in the next few years due to rising demand for barite in oil and gas applications.
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The global barite market is moderately fragmented in nature; the top three players constituted over 35% share in 2014. Key players in the barite market include Andhra Pradesh Mineral Development Corporation Ltd (India), Ashapura Group of Industries (India), China Shenzhou Mining and Resources Inc. (China), Excalibar Minerals LLC (U.S.).
The Report Segments the Global Barite Market as follows:
Barite Market & Application Analysis
- Oil and gas
- Others (Including fillers and radiation shielding)
Barite Market - & Regional Analysis
- Rest of North America
- Rest of Europe
- Rest of APAC
- Rest of LATAM
Middle East & Africa
- GCC countries
- South Africa
- Rest of MEA
Browse All Other Energy/Oil & Gas Market Research Reports: http://www.transparencymarketresearch.com/energy-market-reports-3.html
Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research